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An economic taxonomy is a system of classification of economic activity, including products, companies and industries. Some economists believe that the study of economic policy demands the use of a taxonomic/classificatory approach. [1]
Industry taxonomies include international, regional and national taxonomies and proprietary taxonomies.
The international and national taxonomies are used by official statistical agencies.
United Nations provide its International Standard Industrial Classification (ISIC) as a base for establishing regional taxonomies:
The proprietary taxonomies are often used in the financial services industry to group similar investment vehicles and to construct sectorial stock market indices.
Proprietary taxonomies include the Global Industry Classification Standard (GICS), the Industry Classification Benchmark (ICB) and the Thomson Reuters Business Classification (TRBC).
Pavitt's Taxonomy classifies firms by their principal sources of innovation.
MasterFormat provides a taxonomy for organizing construction projects with the primary unit of differentiation consisting of a binary fail/no-fail tag. The majority of the users of MasterFormat fall into the first category.
Product classification or product taxonomy organizes products for a variety of purposes.
Other taxonomies include classifications of trademarks, jobs (occupations), patents, publications in the field of economy, standards, customs classification.
European Strategic Programme on Research in Information Technology (ESPRIT) was a series of integrated programmes of information technology research and development projects and industrial technology transfer measures. It was a European Union initiative managed by the Directorate General for Industry of the European Commission.
The Tertiary sector of the economy, generally known as the service sector, is the third of the three economic sectors of the three-sector theory,. The others are the secondary sector, and the primary sector.
The United Nations Economic Commission for Europe is one of the five regional commissions under the jurisdiction of the United Nations Economic and Social Council. It was established in order to promote economic cooperation and integrations among its member States.
The North American Industry Classification System or NAICS is a classification of business establishments by type of economic activity. It is used by government and business in Canada, Mexico, and the United States of America. It has largely replaced the older Standard Industrial Classification (SIC) system, except in some government agencies, such as the U.S. Securities and Exchange Commission (SEC).
The Standard Industrial Classification (SIC) is a system for classifying industries by a four-digit code. Established in the United States in 1937, it is used by government agencies to classify industry areas. The SIC system is also used by agencies in other countries, e.g., by the United Kingdom's Companies House.
The Bureau of Economic Analysis (BEA) of the United States Department of Commerce is a U.S. government agency that provides official macroeconomic and industry statistics, most notably reports about the gross domestic product (GDP) of the United States and its various units—states, cities/towns/townships/villages/counties, and metropolitan areas. They also provide information about personal income, corporate profits, and government spending in their National Income and Product Accounts (NIPAs).
Classification is a process related to categorization, the process in which ideas and objects are recognized, differentiated and understood. Classification is the grouping of related facts into classes. It may also refer to:
In marketing, a product is an object, or system, or service made available for consumer use as of the consumer demand; it is anything that can be offered to a market to satisfy the desire or need of a customer. In retailing, products are often referred to as merchandise, and in manufacturing, products are bought as raw materials and then sold as finished goods. A service is also regarded as a type of product.
The energy industry is the totality of all of the industries involved in the production and sale of energy, including fuel extraction, manufacturing, refining and distribution. Modern society consumes large amounts of fuel, and the energy industry is a crucial part of the infrastructure and maintenance of society in almost all countries.
The United Kingdom Standard Industrial Classification of Economic Activities, or UKSIC, is a Standard Industrial Classification that is intended to help classify businesses according to the type of their economic activity. One or more SIC codes can be attributed to a business. SIC codes identify what a business does.
The International Standard Industrial Classification of All Economic Activities (ISIC) is a United Nations industry classification system. Wide use has been made of ISIC in classifying data according to kind of economic activity in the fields of employment and health data.
The Statistical Classification of Economic Activities in the European Community, commonly referred to as NACE, is the industry standard classification system used in the European Union. The current version is revision 2 and was established by Regulation (EC) No 1893/2006. It is the European implementation of the UN classification ISIC, revision 4.
A specification often refers to a set of documented requirements to be satisfied by a material, design, product, or service. A specification is often a type of technical standard.
Official statistics are statistics published by government agencies or other public bodies such as international organizations as a public good. They provide quantitative or qualitative information on all major areas of citizens' lives, such as economic and social development, living conditions, health, education, and the environment.
The International Accreditation Forum, Inc. (IAF) is the world association of Conformity Assessment Accreditation bodies and other bodies interested in conformity assessment in the fields of management systems, products, services, personnel and other similar programs of conformity assessment. Its primary function is to develop a single worldwide program of conformity assessment which reduces risk for business and its customers by assuring them that accredited certificates may be relied upon.
Product classification or product taxonomy is a type of economic taxonomy which organizes products for a variety of purposes. However, not only products can be referred to in a standardized way but also sales practices in form of the “Incoterms” and industries can be classified into categories.
Industry classification or industry taxonomy is a type of economic taxonomy that classifies companies, organizations and traders into industrial groupings based on similar production processes, similar products, or similar behavior in financial markets.
Water accounting is a discipline that seeks to provide comprehensive, consistent and comparable policy relevant information related to water. Based on the experience of more than fifty years of national accounts, the discipline that provides the elements to calculate the Gross Domestic Product (GDP), the United Nations Statistics Division (UNSD) developed the System of Environmental and Economic Accounting for Water (SEEA-Water), which has been adopted by the United Nations Statistical Commission (UNSC) as a statistical interim standard in 2007.
Taxonomy is the practice and science of categorization or classification. The word finds its roots in the Greek language τάξις, taxis and νόμος, nomos.
The United States Economic Census is the U.S. federal government's official five-year measure of American business and the economy. It is conducted by the U.S. Census Bureau, and response is required by law. Forms go out to nearly 4 million businesses, including large, medium and small companies representing all U.S. locations and industries. Respondents are asked to provide a range of operational and performance data for their companies. Trade associations, chambers of commerce, and businesses use information from the economic census for economic development, business decisions, and strategic planning purposes. The last Economic Census was conducted for the year ending December 2017.